Asia report: Most markets lower as tech stocks fall

Most markets in Asia finished lower on Thursday, with tech plays leading losses in many countries following the lead of their Wall Street peers overnight, as oil prices strengthened.

In Japan, the Nikkei 225 was up 0.57% at 22,724.96, as the yen weakened 0.36% against the dollar to last trade at JPY 112.33.

Losses in tech names were offset by gains for financials, with Nintendo falling 2.23% and Sony off 2.27%, while Nomura Holdings added 3.03%.

Oriental Land finished 3.58% higher after the theme park operator said it would spend JPY 300bn expanding its Tokyo Disney Resort, which contains Tokyo Disneyland.

On the mainland, the Shanghai Composite lost 0.61% to 3,317.58, and the smaller, technology-heavy Shenzhen Composite slipped 0.9% to finish the day at 1,901.86.

The country’s official purchasing managers’ index was released during the day, with a reading of 51.8 for November - ahead of the 51.4 predicted by economists polled by Reuters.

China’s services PMI for the month was 54.8, rising from 54.3 month-on-month.

South Korea’s Kospi was down 1.45% at 2,476.37, while the Hang Seng Index in Hong Kong slid 1.51% to 29,177.35.

Traders were digesting the Bank of Korea’s decision to raise interest rates in Seoul - the first hike in six years - to 1.5% from 1.25%.

That move had been widely predicted by markets, however.

Among tech plays on the peninsula, Samsung Electronics and SK Hynix lost 3.42% and 6.8% respectively.

Oil prices were mildly higher by the end Asian trading, with Brent crude last up 1.48% at $64.06 and West Texas Intermediate adding 0.87% to $57.60.

In Australia, the S&P/ASX 200 fell 0.69% to 5,969.89, with the hefty financials subindex finishing lower after the federal government confirmed it would hold an inquiry into the banking sector.

Australia and New Zealand Banking Group was own 1.08%, and Commonwealth Bank of Australia fell 1.91%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 rose 0.6% to 8,186.82.

A survey by ANZ showed business confidence in the country had fallen to its lowest levels since 2009, sending the currency plunging.

Both of the down under dollars were weaker against the greenback, though, with the Kiwi last off 0.49% at NZD 1.4604 and the Aussie retreating 0.05% to AUD 1.3216.